For the first time, a trade operation between Brazil and China was conducted in a closed-loop system, using local currencies. The transactions were financed and settled in yuan, directly converted into Brazilian real, without any involvement of the US dollar.
This operation involved the export of pulp by Eldorado Brasil, a São Paulo-based company with a presence in Shanghai, China. The product was shipped from the port of Santos to Qingdao in August. Financial transactions took place the following month, with the final settlement in Brazilian currency on September 28.
This deal garnered significant attention in China, including coverage by the state-run CCTV. It also received media coverage in Singapore and Taipei. It was hailed as a “landmark in the history of Sino-Brazilian trade, providing pathways for more companies.”
Source: datamarnews.com
